Few people would mourn the end of $35 million annual compensation packages for insurance executives — though they might miss hospitals' valet parking and private rooms. (Photo: Shutterstock)
As calls for radical health reform grow louder, many on the right, in the center and in the health care industry are arguing that proposals like “Medicare for All” would cause economic ruin, decimating a sector that represents nearly 20 percent of our economy.
While exploring a presidential run, former Starbucks chief Howard Schultz called Medicare for All “not American,” adding, “What industry are we going to abolish next — the coffee industry?” He said that it would “wipe out the insurance industry.”
A fellow at the libertarian Cato Institute wrote that it would “carpet bomb the industry.” David Wichmann, the chief executive of UnitedHealth Group, warned that it “would surely have a severe impact on the economy and jobs.”
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